Tuesday, May 10, 2011

The BEST Tenants

The best tenants want the best product. Everyone says they have the best product but we begin with a very strong emphasis on designer/"wanna stay" features in our homes. And we attract the best tenants with pictures of those features. Ideally our homes are photographed when they are inhabited, furnished, clean and at their very best. High quality images of amazing homes attracts the best. Unfortunately it also attracts a lot of people that would like the best but simply don't qualify to be our tenants.

How do we qualify?

First we get lots of information on an applicant. Much of that information can simply be observed. How do they present themselves? Do they keep their car clean and well maintained? Are their children taught to be respectful, etc. etc. And some of the information is obtained through reports, copies of documents, etc. It is all information until we begin validating it. Saying someone has a job is very different than getting copies of 3 pay stubs, seeing they were deposited into the bank statement copies we obtained, having a letter from their employer and making a call to their boss. In short, we don't rely up on information until we validate that it is real through cross checking it.

Having a list/inventory of all the information that can help you make the best decisions is a great place to start. Making it as easy as posible for the prospective occupant to help you get the information you need is also critical. Having a formal series of questions can also add to the information inventory - especially if you take the time and effort to listen and ask clarifying questions. Forms that can be signed that give you access to the information can help make it easy and make it fast!

After information is gathered and cross checked/validated we use it to assess; financial ability to pay us and the quality of human being that they are. This is as much art as anything - often little interactions are big tip-offs. But having all the questions, answers, insights in one place coupled with the benefit of reviewing all that information with someone who is knowledgeable and not as close to it has always helped us make the best assessments and decisions we can.

2 comments:

  1. If you work hard finding the best tenants Sourcing, Screening and validating the information every thing else will be easy-- contrary if you take the easy rout finding a tenant-- chances are that every thing after that will be hard to me, it is simple put the work in up front and enjoy the benefits multifold. over the years of uninterrupted cash flow, limited maintenance calls, no collection calls, do not have to turn the property etc...

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  2. Dear , Mark Andrew Small

    You are amazing blog writer . Your blog posted on '' Real Estate & Tenants Act '' that I followed your blog . This blog given us more types of facility by this your blog . Absolutely , I loved your blog . Although you may want forms for rental properties helping you select and decide on the buy of a residence, you should also perform your own analysis for your financial commitment programs. By doing aspects on your own, you preserve from needless pressure to buy even before you have discovered the most ideal residence. Making cautious choices based on what you prefer and your programs best can be carried out if you take an impartial strategy to all the qualities that are within your making an investment capacity which will be limited by whether you anticipate to handle it (be a landlord) or seek the services of someone or a control organization to look after it for you.

    Thank you for your Affordable Blog .

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